Taiwan recently completed what many consider to be the largest
overhaul of its Company Act in nearly 20 years. Important changes
have been made in a focused effort to boost corporate governance,
and strengthen the country's Anti-Money Laundering (AML)
controls.
One of the three 'Asian Tigers', Taiwan boasts a
resilient banking sector and an active and diverse stock exchange.
To further encourage foreign investment, the government has been
easing restrictions on foreign ownership in recent years and
looking to enhance corporate governance.
Earlier this year, and following lengthy discussions, the Legislative Yuan passed amendments to the
Company Act, which first took effect in July 1931. One agreed
amendment was to add Article 22-1, which is also being referred to
as an AML clause. This new clause took effect on 1 November
2018.
